Atlanta-based tea retailer Teavana Inc. has closed a Canadian acquisition that had been steeping since April.
Teavana, which operates tea shops selling specialty and loose-leaf teas mostly at high-end malls, has purchased the assets of Teaopia Ltd. for $26.9 million. Teavana used mostly cash for the transaction, the remainder being funded by existing loans, according to a news release.
Teaopia is a similar retailer with 46 stores across Canada and online. The company had sales of CAD$17 million and opened 12 new stories in the year leading up to Jan. 31.
Teavana began its expansion into Canada by opening a store in West Vancouver,British Columbia, on Dec. 9.
The Teaopia stores will be rebranded, giving Teavana almost instant access to prime retail space across the country.
Teavana has 223 stores, including locations in Canada and Mexico. The company donates 1 percent of profits to Atlanta-based CARE, which fights poverty, mainly through empowering women.
Visit www.teavana.com for more information.
